Nick Ogden – founder and Executive Chairman, ClearBank
The number one thing that’s going to occur in 2018 is fragmentation of the marketplace as we know it today. The days of big banks delivering everything and being specialists in everything are over. Some of them might still not accept that but the reality is that it’s happened.
You’ve got ringfencing in the UK occurring, and it will be in place by January 2019. Where you’ll get to is a situation whereby there’ll be transactional banking, which everybody needs – it’s how we pay bills and how we receive our salary. And it’s the same structure for businesses.
Then there’ll be different ways in which we consume financial services – things that we use occasionally like a car loan, a house loan, or a holiday loan. And the market will change to encourage customers to seek alternative choices as opposed to feeling reliant on one choice.
Ajay Bhalla – President of Global Enterprise Risk and Security, MasterCard
These technologies are now reaching a point where they can really change consumer experience, and that’s one of the reasons for our investments in this artificial intelligence space. These algorithms and the way they make decisions are becoming so good that we as consumers will increasingly leave our devices to start making decisions for us.
And it’s cool and it’s sometimes worrying, but in the bigger picture it’s going to change the way we live. And I think that’s not very far away now.
Karen Kerrigan – Chief Legal Officer, Seedrs
Rather than looking at a specific technology, have a look at a particular sector. There are a lot of challenger banks out there at the moment – Starling Bank, ClearBank, Monzo, Tandem – and they’re all vying for the same space. They’re all doing things slightly differently, but ultimately are taking on the banks.
How they do that, what technologies they use, and how they embrace user experience will be a fascinating journey, and I’d urge everyone to keep their eyes on it.
Want to learn more about the future of finance from these and other global industry leaders, including Professors Nir Vulkan and Alex Pentland, and David Shrier?
Saïd Business School, University of Oxford is collaborating with online education provider GetSmarter to present the Oxford Fintech Programme, a 10-week online programme designed to equip you with the skills, tools, knowledge, and network you need to take a fintech startup from concept to execution.